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| 3 July 2022, Sunday |

Bitcoin Tests USD 25K, Ethereum Dives to USD 1.3K, CEL Crashes on Paused Withdrawals News

Bitcoin price struggled to start a fresh increase above the USD 30,000 resistance and dived to the USD 25,000 level before somewhat recovering. It is currently (03:57 UTC) trading above USD 25,500 and is down almost 8% in a day and 15% in a week.

Similarly, most major altcoins started a major decline. ETH tested the USD 1,300 level, XRP traded below USD 0.35, and tested USD 0.325. ADA fell sharply and tested the USD 0.462 level.

Bitcoin price

After a downside break below USD 29,500, bitcoin price started a fresh decline, broke many important support zones, and tested the USD 25,000 level before recovering slightly. The next major support is near the USD 24,000 zone, below which the bears could aim for a move towards the USD 23,200 level.

On the upside, an immediate resistance is near the USD 26,500 resistance zone. The main weekly resistance is now forming near the USD 28,500 level.

“Cryptos remain at the mercy of the [Federal Reserve] and stuck in a merry dance with the Nasdaq and other risk assets. We’re hearing bitcoin forecasts in the mid-teen and single-digit thousands which tells you the type of macro environment crypto is facing for the first time — and the levels of fear,” Antoni Trenchev, Co-founder and Managing Partner of crypto lender Nexo, told Bloomberg.

Ethereum price

Ethereum price also gained bearish momentum below the USD 1,750 support. ETH declined 8% and tested the USD 1,300 level, before recovering towards USD 1,350. ETH is down 25% in a week. The next major support is near USD 1,200, below which the price might even test the USD 1,000 support.

On the upside, an immediate resistance is near the USD 1,420 level. The next key resistance is near the USD 1,500 level, above which the price could start a stronger recovery wave.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) gained bearish momentum below the USD 0.55 support. The price declined 9% and traded below the USD 0.50 level. It tested the USD 0.462 level and remains at a risk of more losses.

BNB declined heavily below the USD 275 and USD 250 support levels. It tested the USD 235 level and is currently consolidating losses. The next major support is near the USD 220 level.

Solana (SOL) fell below the USD 35 and USD 32 support levels. It even broke USD 30 and might continue to move down towards the USD 25 level. The next key support is at USD 20.

DOGE declined heavily below the USD 0.0750 support level. It even traded below the USD 0.060 level. An immediate support is near the USD 0.0588 level. The key support is now forming near the USD 0.0550 level.

XRP price declined below the key USD 0.35 support zone. The price traded close to the USD 0.325 level. If the bears remain in action, XRP could decline towards the USD 0.30 level.

Other altcoins market today

Many altcoins are down over 10%, including AVAX, DOT, MATIC, UNI, LINK, NEAR, FLOW, XTZ, SAND, APE, and THETA. Meanwhile, CEL crashed 38% in a day after Celsius said that it paused all withdrawals, Swap, and transfers between accounts “due to extreme market conditions.”

“We are working with a singular focus: to protect and preserve assets to meet our obligations to customers. Our ultimate objective is stabilizing liquidity and restoring withdrawals, Swap, and transfers between accounts as quickly as possible. There is a lot of work ahead as we consider various options, this process will take time, and there may be delays,” they said.

Overall, bitcoin price is gaining bearish momentum below USD 26,500. If BTC slides below USD 25,000, it could even test the USD 23,200 support zone.